Denomination Effect. In Exercises 13-16, use the data in the following table. In

Question

Denomination Effect. In Exercises 13-16, use the data in the following table. In an experiment to study the effects of using four quarters or a $1 bill, college students were given either four quarters or a S1 bill and they could either keep the money or spend it on gum. The results are summarized in the table (based on data from "The Denomina- tion Effect," by Priya Raghubir and Joydeep Srivastava, Journal of Consumer Research, Vol. 36). Purchased Gum Kept the Money 27 Students Given Four Quarters Students Given a $1 bill 16 12 34

Explanation / Answer

a)

P = 16/(27+16) = 0.372

b)

P = 34/(34+12) = 0.739

c)

The resuts suggest that students who are given 4 quarters are less likely to keep the money than the ones who are give one dollar bill

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